By Abigail David

The Senate of Nigeria on Wednesday rejected a motion seeking a comprehensive investigation into the budgetary allocation, operations and controversy surrounding the purported Presidential Foreign Intervention Promotion Council (PFIPC).

The motion was sponsored by Senator Suleiman Kawu, who raised the matter during plenary under the Senate Standing Orders.

Kawu argued that the controversy surrounding the PFIPC threatened the integrity of the Senate, the credibility of the National Assembly and the legislature’s constitutional oversight and appropriation responsibilities.

He called on the Senate to condemn the alleged administrative lapses or fraudulent actions that led to the inclusion of the purported council under Budget Code 0111062001 in the 2026 Appropriation Act.

The lawmaker also sought a probe into how the budgetary allocation of ₦1,302,978,784 was proposed, scrutinised and approved, the officials and agencies responsible for its inclusion in the national budget, and whether any funds had been released or spent under the budget line.

However, the Deputy President of the Senate, Barau Jibrin, who presided over the session, declined to allow debate on the motion.

Jibrin said the Executive had already taken action on the matter, noting that President Bola Ahmed Tinubu had directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the alleged scandal.

He urged senators to allow the Executive’s investigation to run its course rather than commence a separate legislative probe.

By Abigail David

Nigeria is seeking to harness its vast critical mineral resources to drive industrialisation and clean energy manufacturing following the unveiling of a new strategic roadmap aimed at promoting local value addition and attracting investment.

The roadmap, presented by the Council for Critical Minerals Development in the Global South to the Minister of Solid Minerals Development, Dr. Dele Alake, outlines strategies for leveraging the country’s lithium, copper and bauxite deposits to expand domestic manufacturing, mineral beneficiation and green energy production.

The report was presented on the sidelines of the 5th African Natural Resources and Energy Investment Summit (AFNIS 2026) as the Federal Government intensifies efforts to reduce raw mineral exports and develop integrated value chains that support job creation, industrial growth and the energy transition.

Receiving the report, Alake described it as a practical policy framework for aligning Nigeria’s clean energy goals with its mineral resources. He said the roadmap analyses domestic demand for solar photovoltaic systems, battery energy storage and electric vehicles alongside existing supply and trade patterns.

According to the minister, the findings confirm that Nigeria has the critical minerals needed to support its green energy ambitions while creating opportunities for local processing and manufacturing.

He added that the report would guide reforms aimed at strengthening mineral beneficiation, increasing local value addition and building stronger links between the mining and manufacturing sectors to ensure greater economic returns from the country’s natural resources.

The next phase of the initiative will focus on developing a mineral-to-manufacturing localisation roadmap, promoting South-South investment partnerships and expanding collaboration with local stakeholders to accelerate green industrialisation projects.

The initiative is expected to enhance Nigeria’s competitiveness in the global critical minerals market while supporting the Federal Government’s goal of transforming the mining sector into a major source of industrial growth, exports and non-oil foreign exchange earnings.

By Abigail David

The Federal Government has denied claims that it spent more than N8 trillion outside the approved budget, describing the allegation as false and based on a misrepresentation of the International Monetary Fund’s 2026 Article IV Consultation Report.

In a statement issued on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said reports suggesting that about two per cent of Nigeria’s Gross Domestic Product was spent outside the budgetary framework were misleading and created a false impression of the country’s public financial management.

Oyedele maintained that the Federal Government does not operate a “shadow budget” or spend public funds outside the constitutional and statutory framework.

He cited Sections 80 to 83 and 162 of the 1999 Constitution (as amended), noting that public funds can only be withdrawn and expended in accordance with the Constitution and laws enacted by the National Assembly.

According to the minister, government spending is carried out through duly enacted Appropriation Acts, Supplementary Appropriation Acts and other statutory authorities approved by the National Assembly.

He explained that multi-year capital projects implemented across several budget cycles are executed under existing laws and approved capital rollover provisions, stressing that such projects should not be interpreted as off-budget spending.

Oyedele also dismissed claims that trillions of naira had been secretly spent without legislative approval, saying no evidence had been presented to show that any project was executed without appropriation.

He further clarified that Nigeria’s public finance framework includes statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly. These cover allocations to development agencies, revenue collection costs, approved capital expenditure for certain agencies and the Federal Capital Territory, special interventions for national priorities and debt service obligations.

The minister said these expenditures are lawful, publicly disclosed in fiscal reports and subject to legislative oversight and audit, adding that differences in their presentation under international reporting standards should not be construed as evidence of illegal spending.

He also rejected suggestions that the reported amount reflected an increase in Nigeria’s fiscal deficit, explaining that fiscal deficits are determined by the gap between government revenue and expenditure, not by the financing method for approved projects.

According to Oyedele, the IMF’s observations relate to the comprehensiveness, timing and presentation of Nigeria’s fiscal reporting rather than the legality of government expenditure. He added that the Federal Government is implementing reforms to align its budget presentation with international fiscal reporting standards.

The minister recalled that President Bola Ahmed Tinubu had, during the presentation of the 2026 Appropriation Bill to the National Assembly, called for the harmonisation of multiple and overlapping budgets into a single fiscal framework.